PUBLIC LAW 109–351—OCT. 13, 2006
120 STAT. 1975
SEC. 502. INCREASE IN GENERAL 12-YEAR LIMITATION OF TERM OF FEDERAL CREDIT UNION LOANS TO 15 YEARS.
Section 107(5) of the Federal Credit Union Act (12 U.S.C. 1757(5)) is amended in the matter preceding subparagraph (A), by striking ‘‘to make loans, the maturities of which shall not exceed twelve years’’ and inserting ‘‘to make loans, the maturities of which shall not exceed 15 years,’’. SEC. 503. CHECK CASHING AND MONEY TRANSFER SERVICES OFFERED WITHIN THE FIELD OF MEMBERSHIP.
Section 107(12) of the Federal Credit Union Act (12 U.S.C. 1757(12)) is amended to read as follows: ‘‘(12) in accordance with regulations prescribed by the Board— ‘‘(A) to sell, to persons in the field of membership, negotiable checks (including travelers checks), money orders, and other similar money transfer instruments (including international and domestic electronic fund transfers); and ‘‘(B) to cash checks and money orders and receive international and domestic electronic fund transfers for persons in the field of membership for a fee;’’.
Regulations.
SEC. 504. CLARIFICATION OF DEFINITION OF NET WORTH UNDER CERTAIN CIRCUMSTANCES FOR PURPOSES OF PROMPT CORRECTIVE ACTION.
Section 216(o)(2)(A) of the Federal Credit Union Act (12 U.S.C. 1790d(o)(2)(A)) is amended— (1) by inserting ‘‘the’’ before ‘‘retained earnings balance’’; and (2) by inserting ‘‘, together with any amounts that were previously retained earnings of any other credit union with which the credit union has combined’’ before the semicolon at the end. SEC. 505. AMENDMENTS RELATING TO NONFEDERALLY INSURED CREDIT UNIONS.
(a) IN GENERAL.—Subsection (a) of section 43 of the Federal Deposit Insurance Act (12 U.S.C. 1831t(a)) is amended by adding at the end the following new paragraph: ‘‘(3) ENFORCEMENT BY APPROPRIATE STATE SUPERVISOR.— Any appropriate State supervisor of a private deposit insurer, and any appropriate State supervisor of a depository institution which receives deposits that are insured by a private deposit insurer, may examine and enforce compliance with this subsection under the applicable regulatory authority of such supervisor.’’. (b) AMENDMENT RELATING TO DISCLOSURES REQUIRED, PERIODIC STATEMENTS, AND ACCOUNT RECORDS.—Section 43(b)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1831t(b)(1)) is amended by striking ‘‘or similar instrument evidencing a deposit’’ and inserting ‘‘or share certificate.’’. (c) AMENDMENTS RELATING TO DISCLOSURES REQUIRED, ADVERTISING, PREMISES.—Section 43(b)(2) of the Federal Deposit Insurance Act (12 U.S.C. 1831t(b)(2)) is amended to read as follows: ‘‘(2) ADVERTISING; PREMISES.— ‘‘(A) IN GENERAL.—Include clearly and conspicuously in all advertising, except as provided in subparagraph (B);
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